Stewart Milne our Chairman....

[TheDeeDon]

He sold the wood structures part of the business a few years ago, which was a profitable part of the group business.

I only had a short stint in the construction industry, but found it a very murky industry. Most companies are run by chancers who lucked out with their businesses rather than through competencey.

I know one accountant who worked for Milne and she hasn't much good to speak about him and she first told me about him over twenty years ago.

Someone will buy the assets up cheaply and make money through it. Whilst the actual staff will have to negotiate their way through various hurdles to get what they are due.

****z!

[Shetland Don]

You’re correct. My error. Apologies.

HSLD Nominees Ltd would appear to the the Corporate equivalent of the Persons With Significant Control (PSC) for SMG - that’s Halifax Share Dealing Limited, effectively the Bank as creditor, with whom Stewart Milne was in last-ditch negotiations with to try to buy back SMG, according to media reports. Stewart Milne Group Holdings Ltd had 75% of the voting rights but crucially HSLD Nominees Ltd have more than 75% of the shares. Effectively, therefore the Bank owns most of SMG and also Stewart Milne Group Holdings Ltd.

[Shetland Don]

I agree facts are important so let's get them right. As of July 2023 (latest filed information with Companies House) Stewart Milne Group Holdings Limited, the ultimate parent company of everything that has gone bust stated that it was controlled by (owned more than 75%) one Stewart Milne Esq. He was attempting to sell his shares in the business but had failed to do so.

I have no idea what he did or did not try to do to keep it in business but obviously his low ball offer to the bank was of no interest to them

It was the SMG business, as a corporate entity, that was for sale as opposed to any shares in that business belonging to Stewart Milne, as I understand it. Stewart Milne really had no say in anything. The Bank controlled the Company in terms of ownership and voting rights. Also, Stewart Milne didn’t actually own 75% of the shares in Stewart Milne Group Holdings Ltd - the Bank did.

[Mason89]

Stewart Milne is a gormless c*nt

Fact

[Donanddusted]

No problem at all.

The latest accounts showed that liabilities were about £50Million more than assets - sounds like he ran his construction business with the same level of competency as he ran AFC

Those wigs were priceless.

[RED_JOHN]

He sold the SMG business a while ago, and his was one of the failed bids placed when it was put on the market prior to the bank withhdrawing its support. Its closure is not, therefore, his doing. In fact it is to his credit that he tried to keep it in business by bidding for it.

Facts, ken?

Just to sum it up…Milne made an erse of it.

[RED_JOHN]

Those wigs were priceless.

He wished

Stewart Milne is certainly a strange character. Never trust a man that wears a wig.

[Shetland Don]

Just to sum it up…Milne made an erse of it.

In what respect!? He was an incredibly successful businessman from quite a humble beginning and will have significant personal wealth.

[Red Zone]

In what respect!? He was an incredibly successful businessman from quite a humble beginning and will have significant personal wealth.

I have no doubt he has huge personal wealth (trying to sell one of his houses for £7.5Million being an example of this) and for sure he did well to build his business up over the early years but more recently the business was a basket case (lost money each year in the last six years before exceptionals with total losses over that six year period of £130Million) ultimately resulting in the bank saying enough was enough.

[SparkyFaeStoney]

but more recently the business was a basket case (lost money each year in the last six years before exceptionals with total losses over that six year period of £130Million) ultimately resulting in the bank saying enough was enough.

But not his business by then, hence why he was trying to buy it back.